Let’s driEV: Transforming Urban Mobility in Tier II Cities

Let's driEV, an electric vehicle (EV) startup headquartered in Bhubaneswar, Odisha, is on a mission to revolutionize personal mobility in Tier II cities and beyond. Established in July 2020, the company focuses on providing users with the option to rent e-scooters on an hourly, weekly, or longer-term basis, promoting green and sustainable commuting.

Founding Vision and Team

The founding team, consisting of Ankur Patel (CEO), Priyadarshini Pradhan (Chief People Officer), Santwana Sagnika (tech lead), Anirban Mohanty (CMO), and Pawan Bagrecha (CFO), comprises experienced professionals who recognized the urgent need for sustainable mobility solutions. Patel expresses their motivation, stating, "We looked at our bustling cities and saw the chaos of traffic, the haze of pollution, and the heavy reliance on fossil fuels. This was the spark that ignited our mission."

Empowering Sustainable Choices

Let's driEV aims to empower individuals by offering cleaner and more sustainable modes of urban travel, ultimately rendering traditional two-wheeler ownership redundant. The company's business model is primarily business-to-consumer (B2C), but it also serves a few business-to-business (B2B) clients such as Tata Projects and Khimji Jewellers. The startup is actively exploring last-mile delivery services to cater to the rising demand in the ecommerce sector.

Current Status and Business Model

As of now, Let’s driEV boasts over 11,000 customers on its platform, with an additional 1,900 individuals on the waitlist for its monthly subscription product. The company's revenue model varies based on the lease duration of its e-scooters. With a similar approach to industry players like Bounce and Yulu, Let’s driEV distinguishes itself by allowing users to outright own the e-scooter for the lease duration. Zypp is identified as a significant B2B competitor in the same segment.

Eco-Friendly Fleet and Revenue Generation

The e-scooters offered by Let’s driEV, obtained through leasing, have a range of approximately 50-75 kilometres per charging cycle, depending on the chosen variant. These vehicles can be charged at commonly available EV charging stations or at home. The startup generates revenue through various models, including community-based pricing, city-wise rental plans, B2B collaborations for fleet rentals, contractual arrangements for last-mile delivery, advertising, and strategic partnerships. In the last fiscal year, Let’s driEV recorded revenue of Rs 1.5 crore, with projections indicating surpassing this figure in the current fiscal year, having already generated Rs 1.3 crore. Cumulatively, the startup has earned close to Rs 3.3 crore in revenue since its inception.

Expansion Plans and Funding

Currently operating solely in Bhubaneswar, Let’s driEV has ambitious plans for growth. The company aims to expand its fleet size in Bhubaneswar to up to 2,000 vehicles and subsequently enter three new cities in the upcoming fiscal year. Alongside geographic expansion, Let’s driEV plans to diversify its revenue streams, exploring non-vehicular avenues. To support these expansion initiatives, the startup is actively seeking funding.